First Berlin Equity Research has published a research update on Almonty Industries Inc. (ISIN: CA0203981034). Analyst Simon Scholes reiterated his BUY rating and maintained his CAD 1.10 price target.

AbstractOn Tuesday 13 March after the close of the market in Canada, Almonty announced a ten year off-take agreement for the Sangdong mine in Korea. We expect the average annual delivery to the off-take partner to be 210,000 MTU (metric tonne units = 10kg) of tungsten concentrate. By way of comparison, we expect Almonty to deliver a total of 196,000 MTU in 2017/18 (year-end September) from its currently producing Los Santos and Panasqueira mines. The off-take contract stipulates minimum revenue of CAD500m. This effectively implies a floor price per MTU of USD183/MTU. The spot MTU price is currently USD257/MTU and the contract has no upper pricing limit. Cost at Sangdong including mining, financing and G&A will be under USD150/MTU. The mine is scheduled to begin production in 2020 subject to financing. In our view, the off-take agreement has removed the last obstacle to financing of the mine, and we expect an announcement on this issue in the near term. We maintain our Buy recommendation and price target of CAD1.10.

First Berlin Equity Research has published a research update on Valneva SE (ISIN: FR0004056851). Analyst Christian Orquera reiterated his BUY rating and increased the price target from EUR 4.70 to EUR 5.70.

AbstractValneva announced yesterday that its live-attenuated vaccine candidate VLA1553 has entered a Phase I clinical study in the US. The randomised, observer-blinded, dose escalation, multi-centre study will evaluate the safety and immunogenicity of the vaccine candidate in approx. 120 healthy adults. The Phase I study will assess three different dose levels of the vaccine candidate applying a single-shot immunisation. The study design entails monitoring of antibody persistence as well as an additional vaccination with the highest vaccine dose at 6 and 12 months. Through the revaccination Valneva intends to demonstrate protection against vaccine induced viremia (presence of the virus in the blood) and hence first signs of potential efficacy. In our view, the convenient one-shot formulation represents a substantial advantage over competitors' vaccines requiring several shots. The company anticipates first data from the trial in early 2019. We have included the vaccine candidate in our SOTP-valuation-model, obtaining a higher price target of €5.70 (previously €4.70). Top-line data on the lead vaccine candidate VLA15 (Lyme) due within the next few weeks will be the next important pipeline related near-term catalyst for Valneva's share price development. We reiterate our Buy recommendation.

First Berlin Equity Research has published a research update on NanoRepro AG (ISIN: DE0006577109). Analyst Ellis Acklin discontinues coverage of NanoRepro including all forecasts and price target.

AbstractLast December, NanoRepro announced an agreement with the dm drugstore chain to distribute four rapid diagnostic tests from its portfolio. The company also updated its outlook for 2018 and now sees sales approaching €2.5m (+40% Y/Y) with a break-even EBITDA. We discontinue coverage of NanoRepro including all forecasts and price target.

First Berlin Equity Research has published a research update on 2G Energy AG (ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and increased the price target from EUR 24.00 to EUR 24.50.

Abstract2G Energy's 2017 revenue was even higher than expected. It will probably reach €189m, surpassing the record 2014 level. Higher sales positively impacted the EBIT margin, which could now be as high as 4%. Previously, we had assumed 3.5%. The clearly positive effects of the internationalisation strategy and internal efficiency enhancement programs were already visible in 2017 and thus earlier than expected. We confirm our Buy recommendation and increase the price target to €24.50 (previously:
€24.00).

First Berlin Equity Research has published a research update on GRAND CITY Properties S.A. (ISIN: LU0775917882). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 26.00 price target.

AbstractInvestors should use the recent dip in the property sector to buy Grand City shares. The company has demonstrated the ability to grow operations during the late stage of the residential cycle (9M/17: FFOPS +6%; NAVPS +11%), thanks to its sizable portfolio (86k units) with embedded operational upside of 30%. Evidence we see today suggests operational growth will continue over the near term. We expect the recent negative sentiment towards property stocks to erode once investors closely examine fundamentals, several of which remain quite solid. Our rating remains Buy with an €26 price target.